Archived material Access restricted Article
Rantburg

Today's Front Page   View All of Tue 07/30/2019 View Mon 07/29/2019 View Sun 07/28/2019 View Sat 07/27/2019 View Fri 07/26/2019 View Thu 07/25/2019 View Wed 07/24/2019
1
2019-07-30 Economy
The Real Reason Millennials Aren't Buying Homes? They're Too Expensive
Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.
Posted by Bright Pebbles 2019-07-30 04:13|| || Front Page|| [10325 views ]  Top

#1 I suspect they also suffer from high expectations - I gotta have my white kitchen with quartz countertops, a huge island, and matching stainless steel appliances.

I remember having to 'transition' from my parents new color TV to a black and white portable, when I got married. Whadda disappointment!
Posted by Bobby 2019-07-30 07:29||   2019-07-30 07:29|| Front Page Top

#2 Location, location, location:

Got to live within walking distance of the shops and pubs.....
Posted by Besoeker 2019-07-30 07:33||   2019-07-30 07:33|| Front Page Top

#3 My first home after I got married was large but a horrendous dog house when we moved in. My wife and I were so pleased to be homeowners we didn't care. It took years to "make it right" and I still spent a lot to "make it right" again when I sold it.
Posted by M. Murcek 2019-07-30 07:40||   2019-07-30 07:40|| Front Page Top

#4 Its because MotherFatherGovernment won't buy them their dream house.
Posted by CrazyFool 2019-07-30 08:07||   2019-07-30 08:07|| Front Page Top

#5 Daylight basement stubbed for plumbing.

He's only ten, that should give you plenty of time.
Posted by Besoeker 2019-07-30 08:13||   2019-07-30 08:13|| Front Page Top

#6 Ditto #1.

The "people" that are considered millennials expectations are way out of wack. This is a pampered entitled generation (no, not all of them) that expects that their starter home should have a garage for the Beemer and an outlet for the Prius, not to mention the hot tub and Napolean grill and etc. etc.
Posted by AlanC 2019-07-30 08:28||   2019-07-30 08:28|| Front Page Top

#7 Real Estate fees, bank closing costs (spit, spit), HOA's, taxes....little ****ing wonder.
Posted by Besoeker 2019-07-30 08:54||   2019-07-30 08:54|| Front Page Top

#8 Generally speaking, there are two factors involved - home prices and buyer's incomes. A reasonable column would have at least mentioned the latter in some fashion, maybe even have taken it into consideration. Nope, not this one.
Posted by Raj 2019-07-30 09:05||   2019-07-30 09:05|| Front Page Top

#9 The average house used to be 2.5 times average earnings. now it's nearer 10.

That's way too expensive. It's not the home or fittings that#s risen (they've fallen in cost) it's the land title cost.
Posted by Bright Pebbles 2019-07-30 09:07||   2019-07-30 09:07|| Front Page Top

#10 Millennials are too busy playing video games in their parent's basements?
Posted by JohnQC 2019-07-30 09:19||   2019-07-30 09:19|| Front Page Top

#11 I know a young married couple who just moved to San Jose and are renting a master bedroom for $1300/month.
Husband just got employment with a tech firm.
Posted by crazyhorse 2019-07-30 10:02||   2019-07-30 10:02|| Front Page Top

#12 Our parents bought small post-war 2-bedroom Cape Cods or bungalows and thought they had it made.

We bought 3-bedroom ranch styles (with a small patio!) and thought we had it made.

Our kids want 'starter castles'.
Posted by Mullah Richard 2019-07-30 10:58||   2019-07-30 10:58|| Front Page Top

#13 Agree with Besoeker, but add zoning, building codes, inspections: not only the costs, but the delays caused by each step of the process. Right now it is taking 12-18 months from the time a person/couple want to build in our neighborhood until they move in!
Posted by Alistaire Untervehr8459 2019-07-30 12:13||   2019-07-30 12:13|| Front Page Top

#14 There is plenty of affordable housing. Just not where those who at the drop of a hat will call others racist and white supremacists are interested in homesteading or gentrifying.
Posted by Procopius2k 2019-07-30 12:41||   2019-07-30 12:41|| Front Page Top

#15 Millennials are the generation that were told that any college degree is awesome take out student loans to get one, then reached adulthood after Sept 11 and faced a tepid job market until recently (except for STEM jobs of course).

Those Millennials? Who would have guessed they aren't buying homes.
Posted by ruprecht 2019-07-30 13:36||   2019-07-30 13:36|| Front Page Top

#16 My niece and her fiance just bought a home. $400,000+ for a renovated 19th century farmhouse in a good neighborhood. Fortunately, they are both young professionals with a combined annual (starting) income of 130,000+.

She's a good responsible kid, and I help her where I can like paying off 1/2 of her student loans.
Posted by The peanut gallery 2019-07-30 15:49||   2019-07-30 15:49|| Front Page Top

#17 People love to point out that there is affordable housing for sale. What they don't love to point out is the 1-2 hour commute that comes with it (and I'm in Metro Detroit, not exactly a major city). Of course you could also buy a foreclosed rat hole in the city proper where there's an extra $15,000 in back taxes and gang members to worry about. Neither is a very attractive idea. A lot of young people just stick to apartments and other rentals because of this.
Posted by Vernal Hatrick 2019-07-30 18:09||   2019-07-30 18:09|| Front Page Top

23:58 gorb
23:52 gorb
21:56 Phaick Uneretle6310
21:33 crazyhorse
20:55 jpal
20:29 Skidmark
20:06 KBK
20:06 KBK
19:56 Vespasian Joter2895
19:51 Besoeker
19:20 3dc
19:18 3dc
19:14 3dc
19:13 3dc
19:11 Eohippus Shaque6976
18:59 Procopius2k
18:37 trailing wife
18:34 gorb
18:30 trailing wife
18:09 Vernal Hatrick
18:02 JohnQC
17:00 gorb
16:54 gorb
16:48 magpie









Paypal:
Google
Search WWW Search rantburg.com